VEIEX vs. VOO

Last updated Aug 1, 2026

VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VEIEX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VEIEX returned 7.40%/yr vs 15.14%/yr for VOO. Their 0.69 correlation means they have sometimes moved together and sometimes differently. VEIEX charges 0.29%/yr vs 0.03%/yr for VOO.

Performance

VEIEX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIEX achieves a 7.68% return, which is significantly lower than VOO's 10.16% return. Over the past 10 years, VEIEX has underperformed VOO with an annualized return of 7.40%, while VOO has yielded a comparatively higher 15.14% annualized return.

VEIEX

• 1D: 1.70%
• 1M: -1.75%
• 6M: 2.58%
• YTD: 7.68%
• 1Y: 19.76%
• 3Y*: 13.49%
• 5Y*: 5.61%
• 10Y*: 7.40%
• ALL TIME*: 6.48%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

VEIEX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	7.68%	24.58%	11.15%	8.66%	-17.91%	0.72%	15.05%	20.11%	-14.73%	31.14%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between VEIEX and VOO is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.69

The correlation between VEIEX and VOO shifts across timeframes, from 0.63 (5 years) to 0.74 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEIEX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEIEX

VEIEX Risk / Return Rank: 38
VEIEX Sharpe Ratio Rank: 38
VEIEX Sortino Ratio Rank: 37
VEIEX Omega Ratio Rank: 37
VEIEX Calmar Ratio Rank: 41
VEIEX Martin Ratio Rank: 38

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEIEX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Vanguard S&P 500 ETF (VOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VEIEX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.53	-0.40
Sortino ratio: Return per unit of downside risk	1.62	2.13	-0.51
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.63	2.21	-0.58
Martin ratio: Return relative to average drawdown	5.45	9.44	-3.99

VEIEX vs. VOO - Sharpe Ratio Comparison

The current VEIEX Sharpe Ratio is 1.13, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VEIEX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEIEX vs. VOO - Drawdown Comparison

The maximum VEIEX drawdown since its inception was -66.47%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VEIEX and VOO.

Drawdown Indicators

	VEIEX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-66.47%	-33.99%	-32.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.90%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-18.69%	+2.85%
Max Drawdown (5Y) Largest decline over 5 years	-30.82%	-24.52%	-6.30%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-33.99%	-2.31%
Current Drawdown Current decline from peak	-5.44%	-1.38%	-4.06%
Average Drawdown Average peak-to-trough decline	-17.14%	-3.67%	-13.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.08%	+1.23%

Volatility

VEIEX vs. VOO - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) has a higher volatility of 5.22% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that VEIEX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIEX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	3.54%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	10.10%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	12.82%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	16.93%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	18.01%	-1.51%

VEIEX vs. VOO - Expense Ratio Comparison

VEIEX has a 0.29% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

VEIEX vs. VOO - Dividend Comparison

VEIEX's dividend yield for the trailing twelve months is around 2.23%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.23%	2.59%	2.97%	3.32%	3.87%	2.41%	1.72%	3.07%	2.67%	2.14%	2.33%	3.04%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VEIEX and VOO in my portfolio?

VEIEX and VOO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEIEX or VOO?

VEIEX has higher volatility (5.22%) compared to VOO (3.54%). In terms of maximum drawdown, VEIEX dropped -66.47% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.